Brazilian financial system has proven to be solid and sophisticated. A mix of well-conceived regulation and efficient enforcement has contributed to build a stable system in spite of several internal and external crises and a few isolated insolvency cases over the last decades.
Now financial institutions and regulators are facing new challenges. Is the banks’ fate to become giant technology companies? Will non-bank players make bank superfluous? How to adapt traditional institutions to millennials’ expectations? Brazil is not immune to these and several other questions.
In the May 2019 L&S Brazil Outlook, members of the Banking & Financial Services area of Levy & Salomão Advogados discuss aspects of current financial regulation and outlooks.
My article examines the potential introduction of an Open Banking concept in Brazil from the point of view of recent Central Bank announcements and Banking Secrecy and Data Protection rules.
Fábio Kupfermann Rodarte authors two texts: one analyzes current regulation on payment services, opportunities they offer to foreign investors and the need of regulatory evolution. The other debates the establishment of a regulatory sandbox as a logical next step in the Brazilian payment system.
Finally, Pedro Campos Ferraz and I consider investment opportunities in Brazilian fintechs that are offered by regulation.
Enjoy your reading.
L&S Authors
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